Poshmark, a peer-to-peer fashion e-commerce site, raised $277 million by offering 6.6 million shares at $42, above the range of $35 to $39. At pricing, the company raised 14% more in proceeds than anticipated.
The company operates a social marketplace that combines the human connection of a physical shopping experience with the scale, reach, ease, and selection benefits of e-commerce. Its proprietary e-commerce technology allows seamless, secure transaction capabilities in a highly distributed network across millions of buyers and sellers, without having to touch or own physical inventory. As of September 30, 2020, there were over 201 million secondhand and new items for sale across 9,431 brands on the marketplace, facilitated by 31.7 million Active Users, 6.2 million Active Buyers, and 4.5 million Active Sellers.
Poshmark plans to list on the Nasdaq under the symbol POSH. Morgan Stanley, Goldman Sachs, Barclays, Stifel, William Blair, Raymond James, Cowen and JMP Securities acted as lead managers on the deal.
